Sterlite Technologies Share Price Surges 4% to 52-Week High on Block Deal and Optimism in AI Sector

Sterlite Technologies Shares Surge to 52-Week High on Block Deal

Shares of Sterlite Technologies (STL) surged over 4 percent on June 2, hitting a fresh 52-week high after a block deal of 1.45 million shares changed hands, according to Bloomberg. The stock climbed as much as 4.7 percent to Rs 591.35 on the BSE, its highest level in the past year.

The rally was also supported by continued investor enthusiasm for AI-linked infrastructure plays. Investor sentiment has remained buoyant after the company recently secured a $1 billion contract from a global hyperscaler, strengthening its position among leading global optical fibre players.

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The deal is expected to benefit from rising investments in AI infrastructure and data centre connectivity. Adding to the optimism, Sterlite Technologies last month announced plans to invest up to $100 million in the US to expand its manufacturing capabilities for AI data centres and telecom customers.

The investment, unveiled at the SelectUSA Investment Summit in Maryland, is expected to enhance the company's capacity to supply optical connectivity solutions and create 400-500 jobs. The company said the investment would help meet growing demand from major US customers for high-speed optical connectivity and data centre infrastructure.

CEO Rahul Puri had said the expansion would support the development of scalable and reliable infrastructure needed for the AI era. The company's plans to invest in the US are expected to boost its presence in the global market and increase its revenue.